Many merchants are worried about high transaction fees - page 2.

Aanuoluwatofunmi

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Quote from: coinremitter on February 17, 2023, 01:16:54 AM

Many crypto payments are charging higher transaction fees and what has left in the hand of merchants?

Why should transaction fee be a threat here for making payments when you have the right or ability to influence the charges you will be billed, first check the mempool if it's busy or not before commencing a payment, try use wallet like electrum which provides the function to adjust the transaction fees even when the payment has be made incase of when the mempool is busy, this allows you to increase the charges to quickly get confirmed and you can also use the lowest fee and quickly get confirmed as long as the mempool is not congested as also, you can't compare this bitcoin transaction fee to other cryptocurrencies which has higher amount of charges.

blockman

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Quote from: coinremitter on February 17, 2023, 01:16:54 AM

Many businesses are accepting payments in crypto, apart from other issues the main pain point that hurts them the most is Transaction fees.

Many crypto payments are charging higher transaction fees and what has left in the hand of merchants?

What’s your take on this situation guys?

They haven't seen yet the worst with the fees for these payments. These payment solutions are charged high if it's necessary depending on the network fee. If they've got a fixed fee+commission, that would quite be dependable but I don't think it's really expensive at all.
Well, as for the other and typical payment solutions like those from credit card companies, AFAIK, they're charging more than of crypto transactions provided by a third party company.

Kemarit

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Quote from: coinremitter on February 17, 2023, 01:16:54 AM

Many businesses are accepting payments in crypto, apart from other issues the main pain point that hurts them the most is Transaction fees.

Many crypto payments are charging higher transaction fees and what has left in the hand of merchants?

What’s your take on this situation guys?

Yes, in the last couple of days, bitcoin fees has increased, others attributed it to ordinals, I have one transaction, paid 2 sat/VB and it took me 2 days before finally seeing it getting confirmed.

Currently Mempool is back to normal though (https://mempool.space/), so maybe we will see this occasional mempool clogging, but it's not to be something that to be a big deal with. How about merchants using LN (Lightning Network) though, I think it was designed for merchants or stores who need quick transactions.

mocacinno

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Even IF the business had to pay the fee (which they don't, as detailed above), you should realize that accepting electronic payments isn't free either... It's actually quite expensive.
I helped set up a couple of webshops which are accepting crypto and payments trough mollie... Mollie is a payment provider that processes electronic payments... I can honestly say they are more expensive than the fee payed by the buyer when using crypto.

Crypto is ideal from the merchant's point of view: no chargebacks, no fees (for the merchant)... Most shops i help set up give a small discount when using crypto, so it evens out the fee that has to be payed by the buyer (no matter how small said fee is)

Coin_trader

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Quote from: coinremitter on February 17, 2023, 01:16:54 AM

Many businesses are accepting payments in crypto, apart from other issues the main pain point that hurts them the most is Transaction fees.

Many crypto payments are charging higher transaction fees and what has left in the hand of merchants?

What’s your take on this situation guys?

The only cryptocurrency that has a high transaction fee are those running on Ethereum blockchain network. Bitcoin and the rest of the cryptocurrency has a low transaction fee which is already equivalent or lower than the bank transfer fee. As businesses owner that accepts crypto as payment, Volatility is the main issue that I’m always encountering especially when I’m liquidating my cryptocurrency profit to fiat for my monthly audit.

Volatility and transaction speed on Bitcoin is what concerns me the most compared to transaction fee which is now below 1$. If you are pertaining to micropayments then you should not use Bitcoin because the transaction fee will surely high base on the ratio to the payment.

mk4

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The blockchain transaction fees are paid by the payer though, not necessarily the business.

Also — yes, fees can be quite high at times, but this is why smart people are testing out solutions for people to be able to transact in a cheaper manner. (e.g. sidechains, layer-2s, etc)

Oshosondy

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Quote from: coinremitter on February 17, 2023, 01:16:54 AM

Many businesses are accepting payments in crypto, apart from other issues the main pain point that hurts them the most is Transaction fees.

Many crypto payments are charging higher transaction fees and what has left in the hand of merchants?

It is because you are using an exchange to make transaction. Do not put your money on an exchange or exchanges, they are not your keys. If you want to use bitcoin or crypto, transfer your coins to a noncustodial wallet.

Bitcoin and crypto transactions are very cheap.

coinremitter

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Many businesses are accepting payments in crypto, apart from other issues the main pain point that hurts them the most is Transaction fees.

Many crypto payments are charging higher transaction fees and what has left in the hand of merchants?

What’s your take on this situation guys?

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